Kenichiro did not confirm if this console will be called the PlayStation 5 or when it will be released. However, some industry analysts are predicting we could see the next-generation console in 2020 or 2021 – while others predict it could be as soon as Christmas 2019.

Sony Interactive Entertainment's CEO John Kodera has already confirmed the PlayStation 4 is coming to the end of its life cycle, so confirmation of a next-generation PlayStation console is not surprising.

Depending on when it's released the new console could be going head-to-head with the next Xbox – codenamed Xbox Scarlett – which is rumored to be arriving in 2020.